Teekay Corporation has lowered its note offering by $50m as it looks to push its debt maturities back.
The New York-traded tanker and gas player announced it would offer $250m in 9.25% senior secured notes due November 2022, instead of the $200m due 2024, as announced 24 April.
The notes, along with the $100m Teekay received from selling its stake in Teekay Offshore Tuesday, plus $160m in cash, will still be used to buy back the $497.7m outstanding on 8.5% notes due 2020.
The company said it would borrow, too, if necessary.
The notes offer and Teekay Offshore sale comes alongside several vessel sales and refinancings.
In its annual report, Teekay said it had limited liquidity, with $220.2m in cash on hand and the ability to borrow another $333.4m. It said it would have to come up with a way to repay or refinance the 2020 notes or even sell FPSO units.
